Such was the quality of football on display here, the MK Dons fans were probably quite happy with the referee, Andy Penn, playing 10 additional minutes at the end of the match – until, that is, Leicester City equalised in the seventh minute of a stoppage-time which was supposed to last only five.

Leicester's 4,000 travelling fans were elated when the substitute Max-Alain Gradel's free-kick curled into the top corner to stretch the League One leaders' club-record unbeaten run to 21 games. They have not been overcome in the league since a fruitless trip to Brighton on 28 October.

However, the majority of the highest ever attendance at this ultra-modern stadium in Bletchley, on the outskirts of Milton Keynes, were left incandescent, their team's opportunity to close the 12-point gap at the top of the table lost to poor time-keeping and the Ivorian's right foot.

First and second in the third tier of English football played like the two most motivated sides in the division, though their perspectives are very different. Leicester, the venerable old club fighting the good fight for association football in rugby's hinterland, find themselves exiled from the top two divisions for the first time in their 124-year history. MK Dons, the enfant terrible of the money-driven game, are also the sole representatives of their city. A new club for a "new" town.

"No one likes us and we don't care," sing the fans of a club that has only been in existence since 2003. Many in south London would simply not recognise that existence, born as it was from the chairman, Pete Winkelman, effectively franchising Wimbledon FC and transporting them to Buckinghamshire.

Whether they would like to recognise the parallels or not, should Roberto Di Matteo's side achieve successive promotions they will be just one successful Championship season away from emulating Dave Bassett's miraculous guidance of his "Crazy Gang" from the old fourth division to the first division in four seasons, between 1982 and 1986.

Peter Leven, the MK Dons ­midfielder whose two goals either side of half-time answered Matty Fryatt's 27th of the season for Leicester, believes the Dons will gain promotion despite Saturday's sucker punch and thrive in the second tier. "I think we are good enough for the Championship," said the Glaswegian.

"The gaffer has us playing football the right way, with the ball on the carpet, and all we have to do is put it in the back of the net. We're getting there, slowly but surely, so hopefully we'll get in the Championship next season."

Given Saturday's evidence it is hard to argue with the midfielder. Di Matteo's side outpassed, outharried and outran the champions-elect. A wonderful game that the Italian thought had more in common with a Championship clash than a contest between the top two in League One, was illuminated by the intelligent and exciting forward play of Jason Puncheon. On loan from Plymouth, the striker is yet to taste defeat in 15 appearances this season for the Dons.

How Paul Sturrock, his Plymouth side fighting a relegation battle in the Championship, can dispense with the pacy Puncheon's guile and gumption is a mystery. Here he tormented the Leicester defence with his direct runs and incisive passing and provided the neat pass which was cushioned by Aaron Wilbraham for Leven to make it 1–1.

Leicester, terrified of "doing a Leeds", have been ruthless in their ­pursuit of an immediate return to the Championship under Nigel Pearson. They opened their campaign with a convincing 2-0 win over Saturday's opponents at the Walkers Stadium, but Leven believes his team-mates have grown as the season has progressed: "Look at the reaction: we're second in the league and we've just passed Leicester off the pitch."

Pearson admitted his side were fortunate to earn a point, saying that the Dons were the best team they had played in the league this season. Di Matteo was seething at the referee's inexplicable 10 minutes of injury-time, but drew positives from another fine performance.

"I think we are a very competitive team and have competed with every team in this league and the majority of the time we were the better team in the games," he said. Were the two teams on display for 100 minutes on Saturday Championship quality? "Only time will tell, my friend."